- Payment and transaction services company Worldline and credit decisioning firm Algoan are joining forces.
- The two are developing a credit assessment tool that will help lenders make better, faster, and more efficient lending decisions.
- The credit assessment solution will leverage Worldline’s open banking experience as well as Algoan’s credit decisioning expertise.
Payment and transaction services company Worldline announced a partnership with credit decisioning firm Algoan. As part of the agreement, the two firms will work together to develop a credit assessment solution to help lenders and services providers make better credit decisions.
Specifically, the partnership will leverage Worldline’s open banking experience. “At Worldline we look for innovative partners who share our vision and enable us to enrich and expand our open banking services,” said Worldline Managing Director Financial Services Michael Steinbach. “As a lead and one of the largest Open Banking providers in Europe, we are committed to unlocking the full potential of Open Banking. With Algoan, we will be able to offer our customers an end-to-end and cost-efficient white-label solution to assess credit worthiness.”
According to Alogan CEO Michael Diguet, it is an ideal time to launch this solution. “Open Banking credit scoring is experiencing momentum that big players should embrace,” said Diguet.
Another key resource behind the credit assessment solution is Alogen’s four years of credit scoring expertise. Financial institutions can use the new tool to receive more accurate credit scoring and increased processing efficiency. Underwriting use cases include personal finance, consumer lending, auto finance and leasing, retail lending, BNPL, insurance, and utility providers.
The credit assessment solution will also bring benefits to borrowers. The enhanced data means that more borrowers may be approved and will receive their approval faster.
Having won its first contract to facilitate card transactions in 1973, Worldline currently has 20,000 employees in more than 50 countries and counts annual revenue of almost $4 billion. Gilles Grapinet is CEO.